GRAIN HIGHLIGHTS: Top Stories of the Day

Features Dow Jones Newswires

TOP STORIES:

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Dry Weather Takes Toll on US Crops -- Market Talk

16:14 ET - US crop quality took a knock last week on mounting weather troubles. Spring wheat continues to lead the decline, according to the USDA, with 35% of the crop rated good or excellent as of Sunday. That's down from 37% last week. The proportion of good-or-excellent corn and soybeans both fell below expectations. Corn was at 65%, down from 68% last week, and soybeans at 62% down from 64%. Growing conditions in the Midwest are getting increasingly difficult, with forecasts showing drier 6-to-10 day outlook. (benjamin.parkin@wsj.com; @b_parkyn)

Corn Futures Jump to Year High on Crop Growing Pains

Corn futures popped to a year high on Monday as traders rushed to secure supply ahead of looming weather troubles.

Forecasters see some of the hot and dry conditions that have plagued the northern Plains spring wheat crop shifting into the Midwest, where they risk harming many of this year's corn and soybean fields.

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STORIES OF INTEREST:

Plant Gene-Editing Startup Files for IPO -- Market Talk

16:02 ET - Calyxt, a gene-editing startup focused on developing crop seeds, aims to test investors' appetite for high-tech agriculture amid a slumping farm economy. Parent company Cellectis SA files plans with the SEC to float a minority share on the Nasdaq Stock Market under the symbol "CLXT." The IPO looks to raise $100M that will fund additional research and help launch Calyxt crops already in the pipeline, such as a soybean that yields healthier vegetable oil, and a higher-fiber wheat variety. Calyxt uses new technologies that let plant scientists alter crops' DNA without adding in outside genes, making the process different from the genetically engineered crops commonplace on US corn, soybean and cotton fields. (jacob.bunge@wsj.com; @jacobbunge)

Egyptian GASC Buys 115,000 Tons Russian Wheat

LONDON--Egypt's state grain buyer, the General Authority for Supply Commodities, bought 115,000 metric tons of wheat in its latest state tender, traders said Saturday.

The deal, comprising two cargoes of grain, marked the seventh wheat purchase by GASC since mid-May and the second in the last week. The purchase included one 55,000-ton shipment of Russian grain provided by Friends and one 60,000-ton shipment of Russian wheat provided by Alegrow. Egypt is the world's largest importer of wheat.

THE MARKETS:

Consumers Cool on Beef Amid Hot Weather

Cattle futures slid on Monday as hot weather limited appetite for beef and stressed herds.

Live cattle futures for August delivery fell 0.8% to $1.13825 a pound at the Chicago Mercantile Exchange, while beef prices were also lower on Monday.

Prices across the cattle market have fallen recently on the back of a seasonal tendency to eat less beef in the summer heat, particularly after a bump in grilling demand for July 4.

(END) Dow Jones Newswires

July 10, 2017 17:26 ET (21:26 GMT)